The University of the Philippines Mindanao’s (UPMin) Knowledge, Innovation, Science, and Technology Park project is moving forward with the due diligence process to obtain anticipated funding from the Asian Development Bank (ADB) through the Department of Trade and Industry’s (DTI) PRISTINE Project.
PRISTINE, or “Promoting Research and Innovation to Strengthen Transformation of Industries and Enterprises,” is a proposed USD 400 million Philippine government loan from the ADB, with the DTI as the executing agency. The PRISTINE program aims to improve the national innovation ecosystem by establishing more applied research and development and innovation infrastructure in line with the Philippine Development Plan 2023-2028.
The University of the Philippines (UP) is one of the four proposed PRISTINE implementing agencies, alongside the Mariano Marcos State University, Batangas State University, and the University of Science and Technology of Southern Philippines.
According to UP Mindanao’s Technology Transfer and Business Development Chief Researcher and KIST Park Committee Co-Chairman Dr. Melvin S. Pasaporte, “The ADB loan is currently undergoing due diligence as part of the requirements of the NEDA-Investment Coordination Committee prior to loan approval,” he said.
“The loan is hoped to be approved by the last quarter of this year,” he said.
Once approved, PRISTINE will benefit the UP System, especially UP Mindanao (UPMin) and the three other universities, by enabling them to build infrastructure for their Knowledge, Innovation, Science, and Technology (KIST) Parks on their respective campuses.
“We are looking forward to a possible funding of around P650M from PRISTINE for our KIST Park innovation infrastructure project,” he said.
“The fund will be used to construct one building complex to house the Pilot Plants for Biomass Processing, Lactic Acid, and Biopolymers, as well as other important laboratories and innovation facilities,” he said. “This will be the first building to be constructed in the UPMin KIST Park.”
The UPMin KIST Park will serve as an innovation hub and a convergence point for an academe-industry-government innovation ecosystem in Davao Region. It will address the Sustainable Development Goals of Quality Education, and Industry, Innovation, and Infrastructure, among other goals.
Article from UP Mindanao PRO